As from July 1, the duty to protect the consumers of financial services will be carried out by the National Commission for Financial Markets (NCFM), as a bill that was given a final reading by the MPs provides, IPN reports.

Currently, the regulatory framework is fragmentary and the supervision duties in the field are divided between a number of public authorities, namely the NCFM, the National Bank of Moldova and the Sate Inspectorate for Nonfoods Supervision and Consumer Protection. This generates confusion and reduced efficiency, said the bill sponsors.

Under the law, the list of subjects that will be covered by the NCFM is extended and two district categories are being shaped – entities licensed in the field of the capital market, optional pension funds, collective placement organisms, and entities that will be supervised through the angle of consumer protection, such as banks, nonbank lending organizations, insurers, insurance intermediaries, currency exchange facilities, payment service providers and electronic currency issuers.

The empowerment of the NCFM to protect the consumers of financial services was also recommended by the International Monetary Fund, which ascertained that such fragmentation of responsibilities, mandates and instruments leads to deficiencies in ensuring the observance of consumer rights.